Trump has gone ahead with sweeping tariffs on goods being imported into the US, while Washington's trade war with Beijing has escalated. After the US implemented a 104% tariff on products from China at midnight on Wednesday, Beijing hit back with 84% levy on American products.

U.S. stock index futures struggled on Wednesday after a heavy sell-off in the previous session, as President Donald Trump's reciprocal tariff took effect, deepening worries about their damage to the global economy.

President Donald Trump's "reciprocal" tariffs on dozens of countries took effect on Wednesday, including massive 104% duties on Chinese goods, deepening his global trade war and spurring more widespread selling across financial markets.